Hedge Funds

Mellon to sell alternatives-strategy unit

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Following its agreement to be acquired by Bank of New York, Mellon Financial this week announced plans to sell its $686 million Mellon HBV Alternative Strategies unit to division chief Mickey Harley.

Terms of the deal, which is expected to close by yearend, were not disclosed. The new firm will be renamed Fursa Alternative Strategies and is reportedly planning to concentrate on longer-term trading strategies, such as activist investing, as opposed to Mellon's more liquid trading activities.

Mellon's alternative strategies unit, launched in 1999, markets single-manager strategies and keeps offices in New York and London. The unit also employs